Global Melamine Market 2019-2023|High Demand from the Construction Industry to Boost Growth | TechnavioThe Associated Press
LONDON--(BUSINESS WIRE)--Apr 15, 2019--The global melamine market is expected to post a CAGR of close to 7% during the period 2019-2023, according to the latest market research report by Technavio.
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The global melamine market will post a CAGR of close to 7% during the period 2019-2023
Melamine is extensively used as a decorative laminate in construction materials which can be used for wall paneling in office and residential buildings. With the increasing consumer focus on aesthetics and high spending on home decoration, the demand for wooden furniture including flooring, cabinets, and countertops is increasing significantly, which is driving the global consumption of melamine. The remodeling and restructuring of residential buildings for energy efficiency and cost savings will also propel the demand for melamine during the forecast period.
As per Technavio, the increasing emergence of the circular economy will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global melamine market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global melamine market: The growing popularity of modular kitchens
Consumers across the world are increasingly spending a significant amount of their income on home interiors owing to the changing lifestyle. Moreover, there are generously investing in modular kitchens. The growing popularity of modular kitchen can be attributed to the efficient use of space and the increasing convenience by effectively reducing movement around the kitchen for various functions. This is fueling the demand for decorative laminates that help in improving the aesthetics and durability of a modular kitchen. Thus, the growing demand for modular kitchens will increase the sale of decorative laminates, which will support the global melamine market during the forecast period.
“Melamine resins are extensively used to produce highly durable, chemical and water-resistant coatings that exhibit mechanical properties such as scratch resistance. With the rising demand for passenger cars across the world, the consumption of automotive coatings is increasing significantly. Moreover, melamine-based coatings are preferred for their superior heat resistance, and gloss retention for automotive applications. Thus, the growth in the automotive industry will also propel the demand for melamine during the forecast period,” says a senior analyst at Technavio.
Global melamine market: Segmentation analysis
This market research report segments the global melamine market by application (laminates, adhesive resins, coating resins, and others) and geography (APAC, Europe, MEA, North America, and South America).
The laminates segment held the largest melamine market share in 2018. This is mainly due to the growing use and demand for decorative laminates in residential and commercial construction applications in this region. The US is a significant market for decorative laminates.
The APAC region led the market in 2018 with a market share of over 55%, followed by Europe, North America, MEA, and South America respectively. The dominant market share of APAC can be attributed to the high consumption of melamine in countries such as China and India with maximum demand from the automotive and construction industries.
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